Lalor drill hole locations, assay results, and map, as well as a
complete historical listing of holes, collars, intersections and assays
and the September 19, 2008 NI 43-101 technical report, are available on
HudBay's website: www.hudbayminerals.com
TORONTO, ONTARIO, May 5, 2009 (Marketwire via COMTEX News
Network) -- HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM)
continues to add significant precious metal intersections at its 100%
owned Lalor deposit in the Flin Flon Greenstone Belt. Highlights of
those results include DUB 230 grading 23.11 g/t Au over 8.75 m, DUB234
grading 10.28 g/t Au over 13.00 m, and DUB204W03 grading 6.68 g/t Au
over 24.44 m. As a result of ongoing drilling results, HudBay plans to
spend an additional $6.1 million on Lalor exploration in 2009. The
originally projected expenditure for 2009 was $6.9 million.
"I am
very pleased with the continuing excellent Lalor precious metal
intersections," said Peter R. Jones, HudBay's chief executive officer.
"This project, in terms of both base and precious metals, is a key
opportunity for organic growth."
The ongoing Lalor exploration
program
will focus on extensions to the previously identified footwall gold zone
as well as improving knowledge about the continuity within the zone. The
$6.1 million additional expenditure is expected to provide 10 new holes
from surface and 16 wedges holes.
Selected and notable precious metal intersections not previously reported:
----------------------------------------------------------------------------
Length
Drill Hole Zone From (m) To (m) (m) Au (g/t) Ag (g/t) Cu(%) Zn(%)
----------------------------------------------------------------------------
DUB195W05 Hanging
wall 773.25 777.38 4.13 9.10 55.81 1.51 3.23
----------------------------------------------------------------------------
DUB195W05 Foot
Wall 785.49 790.49 5.00 8.89 115.89 0.30 1.12
----------------------------------------------------------------------------
DUB204W02 Hanging
wall 936.61 940.30 3.69 13.83 98.28 0.44 1.65
----------------------------------------------------------------------------
DUB204W02 Foot
wall 950.26 964.90 14.64 4.55 2.64 0.05 0.02
----------------------------------------------------------------------------
DUB204W03 Hanging
wall 834.78 844.57 9.79 5.40 59.11 1.98 2.14
----------------------------------------------------------------------------
DUB204W03 Foot
wall 856.57 860.57 4.00 4.64 39.43 0.52 0.41
----------------------------------------------------------------------------
DUB204W03 Separate 880.57 894.60 14.03 3.53 26.78 0.41 1.21
----------------------------------------------------------------------------
DUB204W03 Not
named 981.56 1006.00 24.44 6.68 52.54 0.21 0.43
----------------------------------------------------------------------------
DUB204W02 Not
named 972.00 976.00 4.00 12.51 46.20 0.99 0.06
----------------------------------------------------------------------------
DUB220W02 Not
named 869.00 875.00 6.00 18.77 203.37 0.32 0.01
----------------------------------------------------------------------------
DUB221 Not
named 1094.24 1104.21 9.97 6.58 26.47 0.76 0.11
----------------------------------------------------------------------------
DUB222 Foot
wall 820.47 823.48 3.01 15.10 176.90 0.87 1.76
----------------------------------------------------------------------------
DUB226 Foot
wall 875.15 900.15 25.00 3.94 14.61 0.28 0.15
----------------------------------------------------------------------------
DUB226 Separate 909.00 913.00 4.00 25.98 129.80 0.13 1.05
----------------------------------------------------------------------------
DUB228 Foot
wall 855.32 858.14 2.82 6.38 81.65 1.41 1.89
----------------------------------------------------------------------------
DUB228 Separate 863.91 869.74 5.83 13.35 111.55 0.13 0.19
----------------------------------------------------------------------------
DUB229 Foot
wall 869.34 881.00 11.66 13.08 38.40 1.14 0.94
----------------------------------------------------------------------------
DUB230 Separate 855.25 864.00 8.75 23.11 91.28 1.15 0.81
----------------------------------------------------------------------------
DUB233 Separate 965.84 985.77 19.93 6.87 17.18 0.16 0.05
----------------------------------------------------------------------------
DUB234 Foot
wall 866.50 879.50 13.00 10.28 45.08 1.09 1.12
----------------------------------------------------------------------------
DUB234 Separate 900.00 922.00 22.00 4.91 9.65 0.15 0.51
----------------------------------------------------------------------------
DUB235 Foot
wall 886.76 901.79 15.03 4.15 8.16 0.16 0.18
----------------------------------------------------------------------------
DUB235 Separate 928.69 936.59 7.90 9.30 33.42 1.13 1.90
----------------------------------------------------------------------------
Drilling to date is approximately 115,000 metres in 86 drill
holes and 46 wedges. Drilling to date not included in the September 19,
2009 NI 43-101 technical report is approximately 63,000 metres from 48
holes and 39 wedges.
Drilling has also continued to test the zinc
rich massive sulphide zones #10 and #20 aimed at upgrading the Inferred
Resource to an Indicated Resource.
Selected and notable copper/zinc intersections not previously reported:
----------------------------------------------------------------------------
From To Length
Drill Hole Zone (m) (m) (m) Au (g/t) Ag (g/t) Cu(%) Zn(%)
----------------------------------------------------------------------------
DUB179W04 10 969.00 988.90 19.90 0.98 10.67 0.36 4.94
----------------------------------------------------------------------------
DUB195W05 20 777.38 785.49 8.11 1.58 19.49 0.44 18.82
----------------------------------------------------------------------------
DUB204W02 10 814.34 831.35 17.01 0.22 12.17 0.67 26.96
----------------------------------------------------------------------------
DUB204W02 31 940.30 950.26 9.96 1.71 55.07 0.33 9.58
----------------------------------------------------------------------------
DUB204W03 20 844.57 856.57 12.00 1.17 13.99 0.86 7.86
----------------------------------------------------------------------------
DUB204W04 10 834.94 843.43 8.49 0.27 18.32 0.69 17.89
----------------------------------------------------------------------------
DUB227 10 762.10 767.18 5.08 0.22 9.50 0.21 18.36
----------------------------------------------------------------------------
DUB228 20 849.05 855.32 6.27 3.80 55.96 1.64 11.43
----------------------------------------------------------------------------
DUB230 20 879.70 887.38 7.68 3.11 35.70 0.88 18.31
----------------------------------------------------------------------------
DUB232 10 779.32 785.43 6.11 0.46 12.85 0.26 10.27
----------------------------------------------------------------------------
The zone coding in the above table is the same as the September 19, 2008 NI 43-101 report.
Next steps
Scoping
studies are continuing on the Lalor deposit to identify access
alternatives, development and mining methods, as well as potential
production capacity and concentration options. The additional 2009
exploration program will focus on the precious metal zones and is
expected to enhance the value of the deposit.
Website Links:
To view Lalor Drill Hole Locations, please visit the following link:
http://media3.marketwire.com/docs/LalorDrillhole.pdf
To view Lalor Assay Results, please visit the following link:
http://media3.marketwire.com/docs/LalorAssay.pdf
To
view Lalor Location Map, please visit the following link:
http://media3.marketwire.com/docs/Lalormap.pdf
About Lalor
The
Lalor deposit is
located in the Chisel Basin of the Flin Flon Greenstone Belt. It has an
Indicated Resource of 3.4 MT 1.9g/t Au, 20.5 g/t Ag, 0.71%Cu, 8.82% Zn,
and an Inferred Resource of 13.2MT 2.9g/t Au, 34.1g/t Ag, 0.70%Cu, 8.19%
Zn, as stated in the September 19, 2008 technical report. Six drills
are currently turning at Lalor, which is approximately 15 km from
HudBay's concentrator in Snow Lake, Manitoba. The ongoing exploration
and evaluation of the Lalor deposit is a primary focus for the company.
HudBay Minerals Inc.: Strength to Build the Future
HudBay
Minerals Inc. (TSX:HBM) is a Canadian integrated mining company with
assets in North and Central America principally focused on the
discovery, production and marketing of base metals. The company's
objective is to maximize shareholder value through efficient operations,
organic growth and accretive acquisitions, while maintaining
its financial strength. A member of the S&P/TSX Composite Index and
the S&P/TSX Global Mining Index, HudBay is committed to high
standards of corporate governance and sustainability.
Quality Assurance and Quality Control
Exploration
core drilling was either BQ or NQ size. The core was logged and
mineralized intersections were marked for sampling and assaying by
geologists and geotechnicians employed by HudBay's Hudson Bay
Exploration and Development Company Limited (HBED) subsidiary. The
marked intersections or intervals were sawn in half by a diamond saw and
one half of the core was placed in plastic bags and tagged with unique
sample numbers, while the second half was returned to the core box and
stored. Each bagged core sample was transported to HudBay's Hudson Bay
Mining and Smelting Co., Limited subsidiary's assay laboratory in Flin
Flon, Manitoba where it was
dried, crushed and pulverized and a 250-gram sample was prepared for
assaying. From each 250 gram sample 0.25 grams was removed and leached
in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe.
Also from the 250-gram sample, 15 grams was removed for gold
determination by fire assaying with Atomic Absorption finish.
Assaying
integrity is monitored internally with a quality control program, which
includes the use of assay sample standards, blanks, duplicates and
repeats and externally through national and international programs. In
addition, within each group of 20 core samples, one core sample has a
second 250 gram split collected for check assaying at Acme Analytical
Laboratories Ltd. in Vancouver, B.C. This news release provides core
lengths and additionally where indicated, calculated vertical thickness
of mineralization intersected. True widths are not
provided. Where metal assays are provided for intersections they are
either a single assay of a sample of the entire intersection length or a
composite of assays calculated from interval weighted assays over the
intersection length.
Qualified Person
The data herein and
the contents of this news release have been reviewed by Kelly Gilmore,
B.Sc. P. Geo., Chief Exploration Geologist with HBED, who is a Qualified
Person within the meaning of NI 43-101, with the ability and authority
to verify the authenticity and validity of the data.
Forward-Looking Information
This
news release and its attachments contain "forward-looking information"
within the meaning of applicable securities laws. Forward looking
information includes but is not limited to information concerning the
potential impact of changing economic conditions on HudBay's financial
results, potential
plans for the Lalor project, HudBay's exploration and development plans,
and its strategies and future prospects. Generally, forward-looking
information can be identified by the use of forward-looking terminology
such as "plans", "expects", or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", "understands" or "does not anticipate", or "believes" or
variations of such words and phrases or statements that certain actions,
events or results "will", "may", "could", "would", "might", or "will be
taken", "occur", or "be achieved". Forward-looking information is based
on the views, opinions, intentions and estimates of management at the
date the information is made, and is based on a number of assumptions
and subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially
from those anticipated or projected in the forward-looking information
(including the actions of other parties who have agreed to do certain
things and the approval of certain regulatory bodies).
Many of
these assumptions are based on factors and events that are not within
the control of HudBay and there is no assurance they will prove to be
correct. Factors that could cause actual results or events to vary
materially from results or events anticipated by such forward-looking
information include risks associated with the mining industry such as
economic factors (including future commodity prices, currency
fluctuations and energy prices), failure of plant, equipment, processes
and transportation services to operate as anticipated, dependence on key
personnel and employee relations, environmental risks, government
regulation, actual results of current exploration activities,
possible variations in ore grade or recovery rates, permitting
timelines, capital expenditures, reclamation activities, land titles,
and social and political developments and other risks of the mining
industry, as well as those risk factors discussed in the company's
Annual Information Form dated March 30, 2009, which risks may cause
actual results to differ materially from any forward-looking statement.
Although
HudBay has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors
that cause actions, events or results not to be anticipated, estimated
or intended. There can be no assurance that forward-looking information
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
HudBay undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws, or to comment on
analyses, expectations or statements made by third parties in respect of
HudBay, its financial or operating results or its securities. The
reader is cautioned not to place undue reliance on forward-looking
information.
This news release and the information contained
herein does not constitute an offer of securities for sale in the United
States and securities may not be offered or sold in the United States
absent registration or exemption from registration.
(HBM-G)
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Annemarie Brissenden
Manager, Investor Relations
(416) 362-0615
annemarie.brissenden@hudbayminerals.com
www.hudbayminerals.com
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